Milestone Scientific (NYSE:MLSS) Inc. (NYSE American: MLSS), a leader in advanced injection technologies, held its 2024 Annual Meeting of Stockholders on Monday, where shareholders elected seven directors and ratified the company's independent auditors.
At the meeting, 51,388,906 shares were voted, representing 66.54% of the issued and outstanding shares of common stock. Shareholders re-elected all seven incumbent directors to serve until the next annual meeting or until their successors are elected and qualified. The directors re-elected are Neal Goldman, Leonard Osser, Benedetta I. Casamento, Michael McGeehan, Gian Domenico Trombetta, Arjan Haverhals, and Dr. Didier Demesmin.
In addition to the election of directors, shareholders ratified the appointment of Marcum LLP as Milestone's independent auditors for the fiscal year ending December 31, 2024. The proposal received an overwhelming majority of votes in favor, with 51,088,398 shares voting for the ratification, 280,481 against, and 20,027 abstaining.
The re-election of the board members and the ratification of the auditors are routine governance practices for publicly traded companies, ensuring continuity and adherence to compliance standards.
Milestone Scientific, based in Roseland, NJ, specializes in the development of innovative injection technologies that aim to improve patient comfort and outcomes. The company's proprietary technology is used in various medical and dental applications.
The details of the vote were filed with the U.S. Securities and Exchange Commission in an 8-K report on Thursday, which serves as the source of this information.
In other recent news, Milestone Scientific Inc. reported mixed Q1 results, with a slight decline in revenue to $2.2 million, down from $2.6 million in the same period in 2023. However, the company experienced a notable 31% increase in e-commerce sales and improved gross margins due to a shift to a direct sales model. The company reported $5 million in cash and no long-term debt, despite operating losses of $1.5 million and a net loss of $1.4 million.
Milestone Scientific is actively pursuing reimbursement for its CompuFlo Epidural System and is optimistic about the medical segment's outlook. The company is also focusing on growing revenues through direct sales and marketing activities. Despite a decrease in international revenue, the company's e-commerce platform, launched in January 2023, generated $1.3 million in revenue for the quarter.
The CEO, Arjan Haverhals, discussed the growth potential in the U.S. and international markets, particularly Brazil. He mentioned that the company is targeting a 20% share of the epidural market, which could lead to significant revenue growth. These are some of the recent developments that have unfolded at Milestone Scientific.
InvestingPro Insights
As Milestone Scientific Inc. (NYSE American: MLSS) continues to steer through its corporate governance, recent data from InvestingPro provides a snapshot of the company's financial health and market performance. With a market capitalization of approximately $69.34 million, MLSS is navigating a challenging financial landscape, as indicated by a negative P/E ratio of -9.08 and an adjusted P/E ratio of -9.41 for the last twelve months as of Q1 2024. Despite these figures, the company's liquid assets remain sufficient to cover short-term obligations, a sign of prudent liquidity management.
InvestingPro Tips highlight that analysts remain cautious about the company's profitability in the near term. However, MLSS has demonstrated a strong return over the last month, with a 31.91% price total return, and an impressive 56.98% return over the last three months, showcasing significant investor confidence in the company's future prospects. Additionally, the company's price/book multiple stands at 8.93, which could suggest a premium market valuation relative to its book value.
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